ITA No.168/Chny/2024 (AY 2017-18)

Parties Involved

Facts Summary

Mr. P. Ravi, the assessee, deposited a sum of ₹13,67,312/- by way of cash during the demonetization period from 09.11.2016 to 31.12.2016 in the City Union Bank & Indian Bank. The Assessing Officer (AO) noted that the assessee did not file a return of income for the Assessment Year (AY) 2017-18 and issued statutory notices to the assessee and the banks for details of accounts held by the assessee. The assessee explained that the deposited amount was from a jewel loan obtained from City Union Bank on 03.05.2016, which was withdrawn in cash on the same day and kept for future investment. However, due to the demonetization declaration on 08.11.2016, the assessee deposited the amount in his bank account on 10.11.2016. The AO added ₹13,67,312/- u/s.69 of the Income Tax Act, 1961, and ₹1,93,857/- as unexplained. The assessee appealed against the order of the Commissioner of Income Tax (Appeals), which was confirmed by the Ld.CIT(A).…

Legal Issues

• 1. Addition of ₹13,67,312/- u/s.69 of the Income Tax Act, 1961
• 2. Addition of ₹1,93,857/- u/s.69 of the Income Tax Act, 1961

Judgment Outcome

Decided in favour of Assessee.

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